Harold Haas owns 100 shares of Spartan Corp. common stock with an adjusted basis of ($ 10,000).

Question:

Harold Haas owns 100 shares of Spartan Corp. common stock with an adjusted basis of $\$ 10,000$. On July 28,2018 , he sold all 100 shares for $\$ 9,000$. On August 18, 2018, he purchased 80 shares of Spartan common stock for $\$ 7,500$ and 20 shares of Spartan preferred stock for $\$ 3,000$. What is Harold's recognized gain or loss on the sale and what is his basis per share in the new stock?

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